Yahoo Finance Imperial (IMO) Plans Canada's Largest Renewable Diesel Plant
Imperial Oil Ltd. IMO has recently announced that it will proceed with a C$720 million project to construct a renewable diesel plant at its Strathcona refinery near Edmonton.
The largest renewable diesel project is expected to create about 600 direct construction jobs and start renewable gas production in 2025. According to Imperial, it also intends to use renewable diesel in operations as part of its emission reduction plans.
An estimated 20,000 barrels of renewable diesel would be produced per day, as officially announced in August 2021. According to the company, a sizable amount of the production will be shipped to British Columbia to aid that province's carbon emission reduction strategy.
The project is presently anticipated to produce more than 20,000 barrels of renewable diesel per day or 1 billion litres annually. When compared with conventional fuels, renewable diesel has the potential to reduce annual greenhouse gas emissions by around 3 million tons. This is the project's key goal.
Zacks Rank and Key Picks
Imperial Oil Limited engages in the exploration, production, and sale of crude oil and natural gas in Canada.
Currently, Imperial Oil IMO carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like ProPetro Holding (PUMP), and Energy Transfer (ET) both sporting a Zacks Rank #1 (Strong Buy) and Helix Energy Solutions Group (HLX) holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ProFrac Holding Corp.: PUMP currently has a Forward P/E ratio of 4.26. For comparison, its industry has an average Forward P/E of 36.20, which means PUMP is trading at a discount to the group.
ProFrac Holding Corp. is worth approximately $1.09 billion. Its shares have decreased by 9.6% in the past year.
Energy Transfer LP: ET is valued at around $41.26 billion. ET delivered an average earnings surprise of 16.34% for the last four quarters, and its current dividend yield is 7.93%.
For their last quarter, Energy Transfer reported earnings of $0.30 per share, which is in line with the Zacks Consensus Estimate. This reflects a breakeven earnings surprise. ET currently pays a dividend of $1.06 per share to its investors.
Helix Energy Solutions Group: HLX, the international offshore energy provider, specializes in expanding well intervention and robotics activities while offering specialized services to the offshore energy sector. HLX is valued at around $ 1.18 billion.
HLX currently has a Forward P/E ratio of 15.56. For comparison, its industry has an average Forward P/E of 36.20, which means PUMP is trading at a discount to the group.
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Imperial Oil Limited (IMO) : Free Stock Analysis Report
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